CENTRAL TRUST Co Cuts Holdings in The Progressive Corporation $PGR

CENTRAL TRUST Co lowered its position in The Progressive Corporation (NYSE:PGR) by 20.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,400 shares of the insurance provider’s stock after selling 2,708 shares during the period. CENTRAL TRUST Co’s holdings in Progressive were worth $2,568,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC raised its holdings in Progressive by 4.2% in the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares during the period. Bell Investment Advisors Inc increased its position in shares of Progressive by 20.8% in the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after buying an additional 44 shares in the last quarter. Maia Wealth LLC raised its stake in shares of Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after buying an additional 44 shares during the period. Trail Ridge Investment Advisors LLC lifted its position in shares of Progressive by 1.6% during the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock valued at $775,000 after buying an additional 45 shares in the last quarter. Finally, Selective Wealth Management Inc. grew its stake in Progressive by 2.1% in the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after acquiring an additional 45 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 0.5%

PGR stock opened at $204.43 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $214.98 and a two-hundred day moving average of $228.00. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company has a market cap of $119.88 billion, a price-to-earnings ratio of 10.63, a PEG ratio of 7.19 and a beta of 0.32.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Analyst Ratings Changes

Several equities analysts have issued reports on PGR shares. Bank of America decreased their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. UBS Group set a $226.00 price target on shares of Progressive in a research note on Monday, February 2nd. Raymond James Financial cut their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Finally, JPMorgan Chase & Co. decreased their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $250.35.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares of the company’s stock, valued at $6,323,176.42. This trade represents a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 12,443 shares of company stock worth $2,723,061. 0.34% of the stock is owned by corporate insiders.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.